Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,428/mo
Lowest payment- Down payment
- $213,837
- Funds due
- $224,480
- Interest + MI left
- $99,275
- First ends
- Sep 2047
Assumption
Assumption + second
$2,712/mo
+$1,284/mo- Down payment
- $38,837
- Funds due
- $51,076
- Interest + MI left
- $386,547
- First ends
- Sep 2047
New loan
New conventional
$2,681/mo
+$1,254/mo- Down payment
- $38,837
- Funds due
- $47,734
- Interest + MI left
- $498,768
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $166,163 | $166,163 | $341,163 |
| Second mortgage | — | $175,000 | — |
| First P&I | $979.66 | $979.66 | $2,311.16 |
| Second P&I | — | $1,284.09 | — |
| Mortgage insurance | $146.06 | $146.06 | $68.23 |
| Taxes, insurance & HOA | $302.00 | $302.00 | $302.00 |
| Total housing payment | $1,427.72 | $2,711.81 | $2,681.39 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$38,837
Closing costs & prepaids$12,238
Usable credit−$0
Total buyer cash needed$51,076
Earnest money paid−$0
Remaining funds due$51,076
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,800.00
Title & settlement$1,825.00
Recording fee$100.00
Second-loan charges$1,250.00
Home insurance (12 months up front)$1,800.00
Insurance escrow (3 months)$450.00
Property tax escrow (3 months)$456.00
Prepaid interest, first (9 days)$162.25
Prepaid interest, second (9 days)$345.21
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 9 days of interest to the end of the closing month.
What is left to pay
The seller already paid down the early, interest-heavy years.
Remaining first mortgage at closing20 yr 9 moOf the original 30-year loan at 3.96%
Interest already paid$68,709Through Dec 2026
Assumption only · ends Sep 2047$99,275
Assumption + second · ends Sep 2047, second Jan 2057$386,547
New conventional · ends Jan 2057$498,768